Mitchell, Wesley Clair, 35
Miyazawa, Kiichi, 289-90
Mobil Corporation, 77, 78, 427-28, 440
Mondale, Walter, 89n, 97
monetarists, 85
monetary policy, 14, 83, 101, 103, 119, 146, 162,
167, 174, 198, 390-91, 478, 479, 491-92
Fed's biannual report on, 150
just-in-time, 213
treasury securities and, 214
see also discount rate; federal funds rate; interest
rates
money supply, 85, 92, 93, 306, 329
monopolies, 97, 275, 324, 336n, 438
natural, 493-94
Moore, Geoffrey, 31
Moore, Gordon, 474
Morgan, Helen, 20
Morgan, J. P., 28, 78-79
Morgenthau, Henry, 30
Morse code, 22, 48-49
mortgages, 114-16, 143^4, 153, 229-33, 242, 359,
378,429,479
Alt-A, 233
subprime, 230, 232-33
Moscow, 88-89, 134, 137, 323
AG in, 119,123-30, 135, 190
524
INDEX
Mossadeq, Mohammed, 444, 463
Moynihan, Pat, 95, 96
Mugabe, Robert, 339, 340
Murrow, Edward R., 24
music, 23-28, 97
classical, 23, 30, 39, 181,298
in Goldsmith family, 20
jazz, 23, 26
rock and roll, 56-57, 396
Muskie, Ed, 70
NAFTA, 113, 149, 157,158
Naimi, Ali al-, 439
NASDAQ, 164-65, 199-200, 206
Nasser, Gamal Abdel, 463
National Association of Business Economists, 98
National Association of Realtors, 231
National Bureau of Economic Research (NBER),
35
National Cotton Council, 32-33
National Council of Teachers of Mathematics,
406
national debt, 102, 112, 143
repayment of, 185-86, 213, 215, 217-18, 219
National Economic Commission, 113
National Economic Council, 240
national income, 330, 393, 469
national income accounts, 35, 308
National Industrial Conference Board, 32-34, 41 45,
386n
National People's Congress, 254n, 296, 299
national treasures, protectionism and, 273-74
natural gas, 211, 257, 449-53
liquefied (LNG), 450-52
price of, 328, 331, 450, 451
of Russia, 324-31
NBC, 2, 4, 80, 96-97, 115, 148
Nehru, Jawaharlal, 265, 317, 382
Nemtsov, Boris, 136
neo-Keynesians, 170
Nessen, Ron, 75-76
Netherlands, 257-59, 258n, 289n, 456
Netscape, 164
New Deal, 21, 30, 279, 344, 504
New Harmony, Ind., 264, 503
New Orleans, La., 27
Newsweek, 70, 230
Newton, Sir Isaac, 496
New York City, 1-4, 19-51, 76, 77-81, 96-99,
369n, 499
terrorist attacks in, 4, 13, 153
Washington Heights in, 19-25, 81
New York Fed, 84, 108, 134, 193, 194,482,490n
New York Giants, 21,22
New York Stock Exchange (NYSE), 7, 107, 177-78,
369n, 370,488
New York Times, 33, 83, 104, 115, 138, 145,147,
152n, 161, 174, 177, 194,201
New York University, 29-33
New York Yankees, 21-22
New Zealand, 275, 276, 291-92
Nicholson, Jack, 81
Nickles, Don, 236
Nigeria, 258,440,451
9/11 terrorist attacks, 1-10, 225, 226-32, 234, 255,
302,469,491
Nixon, Richard M., 6, 27, 31, 55n, 57-65, 73, 74,
235, 298
Clinton compared with, 58, 144
in election of 1968, 52, 57-59, 86, 216, 246
pardoning of, 75, 245
profane side ofj 59
resignation of, 64, 208
Social Security and, 94
wage and price controls of, 16, 61—62, 63, 297,
344, 395,446n, 482
Nixon Mudge Rose Guthrie Alexander & Mitchell,
57
North Korea, 12,316
North Sea oil, 259, 456-57
Norway, 259, 440
nuclear attack, Federal Reserve precautions against,
2-3
nuclear power, 453-54, 461
nuclear weapons, 8, 34, 38, 135-36, 137, 191
"oasis of prosperity" remark, 192
objectivism, 40-41, 51, 52
O'Connor, Frank, 40
Office of Management and Budget, U.S., 145, 183,
209,213-14,239
Office of the Comptroller of the Currency, U.S.,
199
oil, 79, 84, 211, 241, 274, 386, 437-50, 456-61
consumption of, 437^0, 442, 445, 446, 458-59,
460
Dutch disease and, 257-59
in Latin America, 336, 339-40
natural gas compared with, 450
price of, 83, 114, 126, 190, 207, 328, 331, 340,
437-42, 444-49, 457, 459, 484
refining of, 437, 443-44
of Russia, 190,324-31
see also OPEC
oil futures, 368,441
Okun, Arthur, 61, 77
Olayan, Mary, 80
Olayan, Suleiman, 79-80
O'Neill, Paul, 209-10, 214-17, 219, 220, 238, 241,
428
O'Neill, Tip, 95-96, 245
OPEC (Organization of Petroleum Exporting
Countries), 79, 80, 258, 329, 438-40, 442^3,
446,449,459,460,461
oil shock (1973), 6, 62, 71, 75, 439, 446
savings of, 483-84
Organization for Economic Cooperation and Development
(OECD), 457,458n
Economic Policy Committee of, 15
Ortiz, Guillermo, 341
outsourcing, 315, 319, 401, 477n
Owen, Robert, 264, 503
525
INDEX
Pakistan, 322
Panama, 336
Panetta, Leon, 144-45, 146
Parker, Charlie, 27
Parker, Sanford "Sandy," 43, 47, 55-56, 346
Parry, Bob, 103,105
Parry, Charles, 428
Patten, Tom, 47
pay-go rule, 120, 216, 233-34, 235
payroll tax, 96, 413, 414
Pearl Harbor, attack on, 24, 25
Pearl River delta, 12, 304, 383, 477
peasants, 254, 261, 263, 302, 339
Pension Benefit Guaranty Corporation, 419, 421
Pension Protection Act (2006), 421
pensions, pension funds, 166, 168, 217, 425,
429
defined-benefit, 419-22
rate of return and, 419-20
Pepper, Claude, 95, 96
Perez Alfonso, Juan Pablo, 258
Peron,Juan, 342, 345
Perot, Ross, 122
Pershing, John, 336
Persian Gulf, 113,440
Peterson Institute of International Economics, 303,
396
petrodollars, 80, 84
Petroleos Mexicanos (PEMEX), 336n
plant and equipment, 165, 368-69, 385, 413, 471,
499
plug-in electric vehicles, 458, 461
Podesta, John, 202
Pohl, Karl Otto, 286-87
Poland, 125, 126, 132-33, 137, 138
politics, 110-11,389,483
economics and, 54-76, 86-94, 118-22, 142-50,
206-12,215-24,233-38
polls:
economic, 232, 273, 328, 392
political, 58, 75, 89, 111, 159
population, 263, 268, 409-12, 467, 470, 499
in China, 304,411
populism, 18, 337, 364, 389, 392, 394-95, 478,
479,483
anticorporate, 430
charismatic leaders and, 339
defined, 335-36
Latin America and, 255, 280, 334-35
Pork Barrel Reduction Act (2005), 244
Post, Marjorie Merriweather, 78
Postum Cereal Company, 78
poverty, 14, 18, 19, 85, 259, 264, 267-68
globalization and, 364
in India, 316, 320
in Latin America, 260, 336, 337
Powell, Colin, 239
Prell, Mike, 166
President's Foreign Intelligence Advisory Board
(PFIAB), 129,131
Price, Ray, 57
price controls, 15-16, 72, 82, 132-33, 138, 398n,
436
Nixon's wage and price controls, 16, 61-62, 63,
297, 344,395, 446n, 482
prices, 13, 139, 296n, 303, 378, 381-84, 480-81,
491
consumer, 102, 380, 395-96, 482
of homes, 229, 230
stability of, 155, 175-77, 201, 377, 389n, 390,
391, 444,448^9, 480-81, 491
wage indexing and, 125
see also inflation
production, 127, 207, 382, 493
globalization and, 364, 365
oil expansion plans and, 442—43
productivity, 13, 132, 155, 161, 200, 207, 219, 225,
278, 369,488,499, 500
in China, 304
competition and, 262, 268-69
forecasting and, 467
in Germany, 285-86
in India, 320
technology and, 13, 17, 166-67, 168, 171-73,
213, 214, 393, 471-72, 474-76
U.S. current account deficit and, 350, 352, 356
see also GDP
profit margins, 171, 172, 368, 369-70, 393
profit seeking, 252, 365, 370
progress, 48-51, 363-65, 505
property rights, 15, 16, 124, 138, 187, 276, 287,
455
economic growth and, 250, 261, 311, 386, 388 89,
502
Marxist view of, 140, 252, 299-300
see also specific places
protectionism, 12, 141, 261, 265, 288, 312, 313,
362,366,376,498
economic future and, 467, 468
national treasures and, 273-74
see also tariffs
Public Company Accounting Oversight Board
(PCAOB), 430
purchasing power parity (PPP), 259n—60n, 296,
352n
Putin, Vladimir, 323-28, 331-33, 500
Qwest, 200
radio, 22, 24, 25
railroads, 71, 72, 139, 162, 196, 200, 355n, 444n
timetables of, 22-23
transcontinental, 275
Rand, Ayn, 40-41, 51-53, 97, 138, 265, 323
"random walk," 466
Rao, PV. Narasimha, 318
Ras Tanura, 445
Reagan, Ronald, 73, 81,86-99, 102, 111, 115, 122,
138, 150,235,372
AG nominated by, 99, 249
arms buildup under, 126, 128, 129-30
conservatism of, 87, 211
526
INDEX
crash of 1987 and, 109,113
economic challenges left by, 112, 147
in election of 1980, 86-91, 216
in election of 1984, 89n, 97
G. W. Bush compared with, 215
Social Security and, 94-96, 211
temperament of, 88
in transition period, 91-92
real estate, 6, 14, 102, 139, 161, 165, 175, 198-99
boom vs. bubble in, 230
in Japan, 289, 290, 291
thrift industry and, 114-17, 290
see also housing
recession, 5, 84
of 1958,47,49
of 1970s, 60, 63, 66-71, 82, 84
of 1980s, 85-87
of 1990s, 6-7, 114,118-22, 153, 188, 192,478
of 2000s, 206, 212,224-25
Recovery Ahead! (Herbert Greenspan), 21
Regan, Don, 92-93, 98
regulation, 370-76, 388, 430-31, 491-92
AG's rules of thumb for, 374-75
counterparty surveillance, 370-71, 373, 489
economic future and, 467, 468, 489-93, 502
government, 15, 256, 264-65, 273, 279, 280,
291,292,372-76,489,502
Reinhart, Vincent, 377
religion, 17, 140n, 252, 271, 272
Reminiscences of a Stock Operator (Lefevre), 28
Republicans, Republican Party, 58, 75, 86, 96, 111 13,
122, 148, 158, 208, 211, 221, 222, 233^8,
504
budget surplus and, 184, 185
FOMCand, 152
Republic Steel, 45, 47
Reserve Bank of Australia, 292, 293
Resolution Trust Corporation (RTC), 116-17, 290
retirement, 174, 406, 409-22, 482, 504
age at, 413n
defined-benefit pensions and, 419-22
extension of labor force participation vs., 411
ratio of dependent elderly to workers and,
409-10
see also Medicare; pensions, pension funds; Social
Security
Reuss, Henry, 70
Revolutionary War, 480
Reynolds, 49, 50
risk taking, risk, 140, 256, 272-73, 276, 356, 365,
434, 488-89, 492, 498, 503
aversion to, 17, 273, 360, 365
moral hazard and, 189
profits and, 368-70
Rivers, Larry, 27
Rivlin, Alice, 145, 162, 173, 176
Rockefeller, David, 81, 84
Rockefeller, John D., 444, 449
Rockefeller, Nelson, 80
Rogers, John H., 361 n
Roosa, Robert, 84
Roosevelt, Franklin Delano, 31, 159, 246, 337, 431,
439
New Deal and, 21, 30, 279, 504
Roosevelt, Theodore, 336
Roth, William, 92
Rove, Karl, 223
Royal Dutch Shell, 336, 339n, 438
Rubin, Robert, 7, 145, 146, 157-62, 170, 210, 220,
405
Asian contagion and, 188, 189-90, 195
budget surplus and, 185
Russian crisis and, 193
stock market and, 174-75, 179
Rubinomics, 161, 236
rule of law, 15, 16, 255-56, 297, 365, 396, 502
economic future and, 467, 468, 469-70, 503
in Europe, 277, 287
in Russia, 190, 327, 331-32, 500
Smith and, 261
in United States, 52, 278
Rumsfeld, Donald, 62, 64, 209, 210
Russia, 135-36, 139-40, 259, 275, 293, 310, 322 23,
334n
debt default of, 190-96, 250, 328, 331
future of, 500
market capitalism in, 123-24, 139-40, 323-27,
503
oil and gas in, 190, 324-31, 440, 443
oligarchs in, 139, 140, 190, 324, 326
property rights in, 139-40, 190, 327, 331-32,
389, 500
shock therapy in, 138—40
technology in, 331, 388
see also Soviet Union
Safire, William, 57
Sala-i-Martin, Xavier, 259n-60n
Samuelson, Robert, 230
S&P 500, 207, 224, 426n, 465
Sao Tome and Principe, 258-59
Sarbanes, Paul, 154-55, 221, 478
Sarbanes-Oxley Act (2002), 374, 430-31
Sarkozy, Nicolas, 288, 500
Saudi Arabia, 79-80, 334n, 351, 438n
oil of, 79, 438n
Saudi Aramco, 79, 439, 440, 442
savings, 12, 138, 185, 270, 348-52, 362, 369, 384 88,
478,499
cross-border, 348, 352, 484
in developing vs. industrialized countries, 13,
386, 484
domestic, current account balance and, 348—49,
350
excess of, 13-14
future standards of living and, 413
investment vs., 348-49, 385, 386-87
savings accounts, 114, 115
savings and loans (S&Ls), 6, 114-17, 290, 357n
SBC Communications, 229
Scargill, Arthur, 283
Scholes, Myron, 193
527
INDEX
Schubert, Franz, 298
Schumann, Robert, 20
Schumer, Chuck, 405
Schumpeter, Joseph, 48, 51, 167, 174
science education, 399, 403, 405
Scotland, 260-61, 265
Scowcroft, Brent, 65
Second Treatise of Civil Government (Locke), 252n
Securities and Exchange Commission, 33, 257, 375,
431
Securities Industry and Financial Markets Association,
83 n
Seevers, Gary, 64
Seidman, Bill, 116
self-interest, 256, 262, 368, 490
Sen, Amartya, 253
Senate, U.S., 7, 8, 64, 115, 156, 158, 199, 222, 223
Banking Committee of, 8, 10, 150, 239
Bentsen in, 144, 145^46
Budget Committee of, 70, 185, 217, 219
Clinton budget and, 148, 149
Ethics Committee of, 115
Republican control of 211
service economy, 173, 315, 401, 470
Shanghai, 298,301,308
Shaw, Artie, 23, 27
Sheiner, Bill, 26
Shevardnadze, Eduard, 135
Shultz, George, 91, 92-93, 312
Siegman, Charlie, 189
Siemens, 381
silicon, 11,12
Silicon Valley, 127, 164, 167, 181, 271, 504
Silva, Luiz Inacio Lula da, 340, 341
Silva, Mario (Murray Goldsmith), 20
Simon, Bill, 67, 91
Simons, James, 405
Singapore, 13, 188, 253, 275, 276, 311, 312
education in, 399, 400
Singh, Manmohan, 318-19, 321-22
Sitaryan, Stepan, 128, 129, 130
skilled workers, shortage of, 399^00, 404-7, 409,
413,505
